The Crown Entities Act 2004 sets out the collective and individual duties of the FMA board and its members. These duties are owed to the Minister of Commerce.
The Board has approved a number of policies to set high standards of ethical behaviour throughout the organisation. These include policies for the purpose of managing staff conflicts of interest; policies for holding and dealing with information securely, including how to protect information from inadvertent disclosure or unauthorised access or use; policies and guidelines relating to procurement and purchasing, and policies for managing sensitive expenditure and the receipt of gifts. The FMA has an obligation to disclose the Chief Executive’s expenses.
All members of staff are required to comply with the State Sector Code of Conduct. The Code sets out the minimum standards of integrity and conduct expected of public sector employees – they must be fair, impartial, responsible and trustworthy. The FMA has adopted its own Code of Conduct which adopts and supplements the State Sector Code.
The FMA Board comprises between 5 and 9 members. The Governor-General, on the advice of the Minister, appoints all members of the Board and determines, on the recommendation of the Minister, who will be Chairperson and Deputy Chairperson. Members hold office for up to 5 years and may be reappointed.
Chairman, LLB Hons
Mark has over 20 years’ experience in financial markets regulation, and has held governance roles with both listed and unlisted companies. He co-founded Anti-Money Laundering Solutions and chaired Mint Asset Management. He was also the Customer Advocate at Westpac New Zealand.
Current term expires May 2024.
Ainsley has over 25 years of broad financial services experience including investment management, fixed interest and financial markets. Her experience includes various senior roles at ASB Group Limited in both investment management and financial markets. Ainsley is currently leading client relationships at Harbour Asset Management and is a member of the New Zealand Institute of Directors. Until June 2018, she was also a board member of the Government Superannuation Fund Authority and Hohepa Auckland Regional Board.
Current term expires September 2021.
Christopher has more than 25 years’ experience in stockbroking and funds management. He is currently the Managing Director of Elevation Capital Management Limited, Chairman of Bethunes Investments Limited, a Member of NZ Markets Disciplinary Tribunal (since 2013) and a Member of the NZX Listing Sub-Committee (since 2008). He was previously a Partner at Goldman Sachs JBWere.
Current term ends June 2024.
Elizabeth has over 20 years’ commercial legal experience and international governance expertise. She has specialties in information policy and disclosure, risk management, ethics and ADR. As the Executive Director of UNESCO, Paris, Elizabeth had strategic and oversight responsibilities across the organisation. She was the Director of the UN office for disaster risk reduction, Geneva. Previous roles include Sector Director at Industry New Zealand and In-house Counsel at the Reserve Bank.
Current term expires June 2020.
Member, B.Ec (Hons), M.Phil, D.Phil
Prasanna is Professor of Macroeconomics at the University of Auckland. He brings over 20 years of experience in financial market issues from academic and high-level policy roles. Prasanna was Special Adviser to the Governor of the Bank of Canada, Senior Adviser at the Bank of England, and is currently a Member of the Advisory Scientific Committee of the European Systemic Risk Board. Prasanna was also Professor of Economics at the Australian National University and a Visiting Fellow of All Souls College, Oxford.
Current term ends April 2023.
Member, BCom/LLB (Hons), PG Dip in Prof Ethics
Vanessa is a Director of NZ Refinery, Heartland Bank and The Alliance Group, a member of the Tertiary Education Commission and the Audit and Risk Committee for DOC and MBIE. She was previously a Senior Executive at Air New Zealand and CEO of Carter Holt Harvey Packaging Australia.
Current term expires June 2021.
William has 30 years’ experience as an investment adviser. He is an NZX adviser, a Director of Craigs Investment Partners, and Chairs the Dingwall Trust for Children. He was previously Deputy Chair of the New Zealand Markets Disciplinary Tribunal.
Current term expires June 2020.
Board committees and divisions
The FMA has two Board committees:
1. Audit and risk committee
This committee considers internal controls, accounting policies, and risk management. It also approves financial statements, and helps with the scope, objectives and functions of external and internal audits. Currently, it has three members: Mark Todd (Chair), Ainsley McLaren and Elizabeth Longworth.
2. Performance and remuneration committee
This committee assesses performance measures and staff remuneration. It has three members: Murray Jack (Chair), Vanessa Stoddart and Campbell Stuart.
A Division is a group of at least 3 members of the Board who have been assigned to deal with a matter or class of matter, determined by the Board or Chairperson. A Division is brought into existence by a determination of the Board or Chairperson and has the all the powers of the Board in relation to the matter or class of matter to which it has been assigned. Divisions are convened to consider matters such as class exemptions and for decisions on litigation matters.
Board performance review
In accordance with the State Sector Commission guidelines, the Board periodically reviews its own role and overall performance, its processes and procedures, the use of supporting Committees and Divisions and the performance of each Board member.
The remuneration of the FMA Board members is determined by the Remuneration Authority. See more information about the Remuneration Authority.